Jan 23, 2013 7:30am EST
investors to build roads, the olympic facilities, et cetera. at the same time tax evasion and tax cuts for the rich did not allow, did not allow us to have a balanced budget all previous years. and so, therefore, when the markets crash in 2008 both spain and greece were heading on the road towards disaster. in spain, just like in ireland, the housing market crashed, prices still, people ended up with homes that were worth less than their loans. many people went bankrupt. when banks started having problems, the government intervened and took on its debts in this way, both banks and government went bankrupt. increase, the government directly went bankrupt because it was the one that had borrowed to a very high degree after words. the governments that had lent money to the state also went bankrupt. and afterwards investors themselves went bankrupt. very soon if the entire country had gone bankrupt. due to the structure of the euro zone where countries without a central bank behind them needed -- bailout of the banks and where the banks needed to continue lending money to bankrupt states,
Jan 28, 2013 7:00am EST
running the country. policymakers who believe in structural reforms, privatization, tax reforms, budget cuts, labor mobility, and they need to be competitive both internally and externally. if you don't have, if you don't have plans like that you will not get them back to growth anytime soon. so it's very, very important that you do that. seven, the point is the private sector. and i think this is a problem. because at the beginning there was no interest in the case of greece and some of these other countries involved in the private sector. and, in fact, it was a when things got so bad that greece called upon the private sector with the european union. the european central bank and the international monetary fund, to really get the private sector involved. and there you had a big haircut that could've been dealt with earlier. it would have been as bad and now they just have to do another debt buyback problem, operation, which is still a problem. so i think the idea getting the private sector involved early on, and we show this both in latin america and asia, the asian financial crisis.
Jan 22, 2013 5:00pm EST
's eve, taxes as a practical matter when up for everyone in the country at midnight. the senate republicans and subsequently a majority of the house voted to make 99 percent of the bush tax cuts permanent, thereby preventing another event like new year's eve. that came about because the law sunset it. we now have achieved permanency for 99 percent of the american people on tax issues. i would venture to say there is not a single republican vote in the house or senate to provide more revenue. the reason for that is we know revenue is not the problem. the president has been able to give all the revenue he wanted by raising taxes on everyone making above 200,250,000 per couple. it barely been able to operate the government for about eight days. this is not a revenue problem. this is a spending problem. yes. the revenue issue is behind us. whenever new taxes the president is going to get, he got. the operation of law. and we are now going to focus on the real problems which is not the we tax too little, but spend too much. yes, that is where we are. >> a convention of the debt limit